RespireRx Pharmaceuticals Inc (RSPI)

[gfp927z]

Yes, not a great sign if they can't scrape together $66 K to keep those notes from going into default territory. To their credit though, it looks like Drs. Manuso and Lippa just lent the company $25 K each to get thru the impasse (see below). But it's obvious that they have to find a viable way to fund the company soon.

The fact that Manuso/Lippa have been investing their own money in the company for some time indicates that they believe in RespireRx's future viability. Hopefully they have some interested investors in the wings, perhaps waiting for the Dronabinol results which should be out in the next several months. The CX-1739 RD results may not have been compelling enough to shake loose some funds from potential financing entities.

Why would Manuso/Lippa keep forking over their own money ('bridge loans') if they didn't have something concrete cooking on the financing front? So we'll have to be patient here imo.




http://ih.advfn.com/p.php?pid=nmona&article=72546977


>>> On September 28, 2016, RespireRx Pharmaceuticals Inc. (the “Company”) approved the issuance of two demand promissory notes in the principal amount of $25,000 each, one to the Company’s President and Chief Executive Officer, James S. Manuso, Ph.D., who is a director and significant shareholder of the Company, and the second to the Company’s Executive Chairman and Chief Scientific Officer, Arnold S. Lippa, Ph.D., who is also a director and significant shareholder of the Company, in exchange, in each case for $25,000 that was loaned by each of Dr. Lippa and Dr. Manuso, respectively, to the Company on September 22, 2016 and September 23, 2016, respectively (each a “Note” and together, the “Notes”). The proceeds of the loans will be used for general corporate purposes. <<